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This is more or less on the BBC World Service.

This week we ask whether the world is conducting a controlled experiment in economic austerity.

Hello and welcome to more or less on the BBC World Service.

This week are we witnessing a grand economic experiment being played out between Europe,

trying to cut its way out of trouble and the United States trying to spend its way to redemption.

What's been going on, although it's been very uncomfortable for many people and economies,

has been one of the most fascinating periods in history because there's been a sort of controlled experiment going on.

That's the economic commentator Anasol Kalecki of the Times of London,

who's enjoying the spectacle.

Ruth, you've been thinking about this.

We're so used to hearing this idea that while Europe cuts America's spans,

our ears pricked up when we heard an exchange on BBC Radio earlier in the week.

Saida Vasi, who co-chairs Britain's governing Conservative Party,

seemed to be suggesting that in fact America was cutting faster than Britain.

The first voice you'll hear is the interviewers.

Because you're so keen on keeping interest rates low and cutting the debt,

that you're actually forgetting about growth.

And that's what's important.

We're seeing much higher levels of growth in the United States, for example,

...